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Abu Dhabi Basic Industries form JV with leading technical textiles maker
15
Apr '08
Low & Bonar PLC and Abu Dhabi Basic Industries Corporation (“ADBIC”), announce that they have established a joint venture company that will produce artificial grass yarns and other yarns. The joint venture is being established through a wholly-owned subsidiary of Low & Bonar and the Group will have a 75% economic share and operational control of the venture.

Artificial grass yarn is one of the fastest growing product segments within Low & Bonar's Technical Textiles business, showing growth rates of over 15% per year. This strong growth is driven by the increased use of artificial turf for sports pitches and the rapid expansion of use for landscaping due to environmental restrictions on water use.

The joint venture company will build a new manufacturing plant in the Abu Dhabi Polymers Park, an industry-specific economic zone being established by ADBIC in Abu Dhabi, and production is expected to start in 2009. The new facility will complement Low and Bonar's existing manufacturing plants in Scotland, Belgium and China and will provide further capacity to support the anticipated growth in artificial grass yarns. The transaction will also allow the Group to benefit from additional sources of its principal raw materials and from ready access to new markets in the Gulf and Middle East region.

The total initial investment in the joint venture to establish its business and production facilities is estimated at US$25 million. Low & Bonar's committed contribution in 2008 to the venture will amount to US$6 million, payable in cash. The joint venture will manufacture products which are already part of Low & Bonar's portfolio and will distribute these products exclusively through the Group's existing sales and distribution infrastructure.


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Courtesy: Business wire

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